The stock market has a long memory. Investors make mistakes, and the collective market intelligence is replete with investment theories that quickly or slowly turned sour, damaging investor bottom lines and inflicting emotional scars. Fool me once, shame on me, fool me twice, I won’t get fooled again. The widely discussed “retail apocalypse” of 2016-2020 fooled many investors. With Retail and Mall REITs consistently trading to juicy valuation levels relative to their history, many traditional investment frameworks deployed capital into what turned out to be value traps. As retail and mall landlords slowly saw rent growth deteriorate, turn negative, and then plummeted during the pandemic of 2020, value-focused investors lost money, with many eventually throwing in the towel and capitulating completely.